South African businessman Donovan Chimhandamba lands $75 million AfDB funding for titanium firm

Sandton-based titanium firm Nyanza Light Metals, led by South African businessman Donovan Chimhandamba, has secured $75 million in financing from the African Development Bank Group (AfDB) as it moves to scale up titanium-processing operations and advance industrial growth in Africa.

The financing package includes $25 million from the Africa Growing Together Fund (AGTF), a co-financing initiative between the African Development Bank and the People’s Bank of China. It is earmarked to support Nyanza’s development, construction and operations of an 80,000-tonne-per-year titanium-dioxide pigment manufacturing facility within the Richards Bay Industrial Development Zone. The plant will process locally and regionally sourced titanium ores into higher-value pigment for various industries.

Nyanza plant to boost local titanium output

The facility is set to meet rising demand for titanium dioxide—a pigment used in sectors such as paints and coatings, food processing, cosmetics and medical applications. Many manufacturers in South Africa and the broader region have depended heavily on expensive imports. By processing ore domestically Nyanza’s project aims to substitute imports and integrate Africa into the global value chain for titanium dioxide.

In addition to industrial impact the project is expected to create more than 2,400 jobs during the construction phase with at least 30 percent set aside for women and another 30 percent for youth. Once operational, the facility anticipates approximately 850 skilled direct jobs. The company’s targets include 45 percent female participation, 30 percent youth and 20 percent from low-income communities. Nyanza says this will help cut unemployment in South Africa and foster broader inclusion in its industrial sector.

Empowering Africa through local mineral processing

Commenting on the initiative, AfDB Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, said: “This investment reflects the African Development Bank’s commitment to helping Africa build an industrial economy, not just export raw materials. By supporting Nyanza in infrastructure and local beneficiation, we are advancing inclusive opportunities for millions across the continent.”

Donovan Chimhandamba, the CEO of Nyanza, described the Bank’s approval as “a landmark moment—not only for Nyanza but for Africa’s industrial future.” He added: “The AfDB brings more than funding. It brings credibility, strategic partnership and a long-term commitment to the continent’s transformation. Africa has for too long exported raw minerals only to import finished products made with those same resources. With this support, we are changing that: processing African minerals locally for global markets, reclaiming value, creating jobs, and building an industrial base that empowers women, youth and entrepreneurs.”

Chimhandamba builds titanium firm from scratch

Chimhandamba founded Nyanza Light Metals in 2011 and later established the diaspora-focused infrastructure-development firm Diaspora Infrastructure Development Group in 2016. In 2024 he launched Transition Metal Industries. His earlier experience spans roles at Engen Petroleum Refinery, PPC Cement, Vesuvius International, Group Five and the National Empowerment Fund. Under his leadership, Nyanza has grown into a manufacturer of titanium dioxide pigment and other chemicals, with operations in the Richards Bay Industrial Development Zone, corporate offices in Sandton and sales outlets in the United Arab Emirates.